AI data center boom shifts to debt financing, echoing pre-crash railway mania

The AI infrastructure buildout is increasingly financed by debt, mirroring the late-stage railway boom before its 19th-century crash. The claim is an analytical comparison, not a hard data point, and the actual risk depends on cash flows from AI services. This matters because a debt-funded capex cycle in data centers could amplify a downturn if AI revenue disappoints.

AI disclosure: Model-written summary of the source, not a verified fact. Check the sources. How Mosaic works